WHITEPAPER

HOW BLOCKCHAIN
COULD CHANGE THE
FINANCIAL MARKETS
The New Kid on the Block
Contents

Executive Summary ............................................................................................... 3

Financial Applications of Distributed-Ledger Technology .................................... 4

The OTC Derivatives Industry ................................................................................ 4
Broadly Syndicated Loans (BSL) ............................................................................ 6

Risk Management After the Global Financial Crisis of 2008 ................................. 7

Blockchain-Enabled Risk Management Framework ............................................. 8

Managing Settlement & Counterparty Risk on the Blockchain ............................. 8
Managing Collateral on the Blockchain ................................................................. 8
Managing Systemic Risk on the Blockchain ........................................................... 9

Case Study: ISDA Common Domain Model .......................................................... 10

Block Hashing Algorithm ....................................................................................... 10
Example: Axoni’s Implementation of ISDA Common Domain Mode .................... 10

Closing Thoughts .................................................................................................. 11

References ............................................................................................................. 12

© Quantifi 1
About the Authors

Huang Zeng
Director, Client Services, EMEA/APAC, Quantifi
Huang is Director of Client Services, EMEA. He is responsible for coordinating system
implementations, customisations, business consultancy as well as client and pre-sales
support. Huang has extensive experience of enterprise solutions in the market and credit
risk space, having worked for 6 years implementing and customising systems to meet
evolving market and regulatory demands. Huang holds a B.S. in Natural Sciences from the
University of Cambridge and a PhD in Physics from Imperial College London.

Che Guan
VP of Quantitative Strategies, Noble Markets
Che currently serves as a Vice President of Quantitative Strategies at Noble Capital
International. Prior to that, he worked at JP Morgan and Dun & Bradstreet, responsible
for data science solutions across retail and wholesale businesses as well as credit rating
R&D. Che received a Ph.D. from University of Connecticut. His research interests include
machine learning, big data analysis, cryptocurrency and blockchain technology with
application to foreign exchange and commodity market, e.g. market microstructure
research, asset allocation optimisation, etc.

Wilfred Daye
Head of Financial Markets, OKCoin
Wilfred is currently the Head of Financial Markets at OKCoin, a leading global blockchain
technology company. Previously, he was the President and Senior Portfolio Manager for
Noble Capital International. He was a structured credit trader and desk quant for UBS,
Deutsche Bank, D.B. Zwirn and Barclays Capital. He began his career at Lehman Brothers
and holds Series 7, 63, and 24 FINRA licenses.

Sachvir Cheema
Director, Marketing & Business Development, Quantifi
Sachvir joined Quantifi in 2010. As Director of Marketing & Business Development,
Sachvir is responsible for marketing communications, brand strategy development and
implementation. Sachvir also manages all analyst relations and business development
initiatives. Sachvir has over 15 years’ experience in marketing and communications within
financial services. Sachvir holds a BA (Hons) specialised in Marketing and Communications.

2 © Quantifi
Executive Summary

One of the most talked about topics in the financial markets today is
blockchain. The global financial markets are investing in blockchain
technology to revolutionise many aspects of financial products and services.
Blockchain, sometimes referred to as Internet 3.0 or the Internet of Value,
follows a strong growth trajectory and has quickly become a seamless part
of the global financial system and economy. The blockchain technology
platform is a distributed ledger technology (DLT) system, which has
triggered a fundamental challenge to the nature of money, transforming
current business processes. It is one of the most disruptive technologies
available at present, designed to simplify the value chains around trading,
payment and market infrastructure. If fully adopted, blockchain will create
a more efficient, more transparent and more secure marketplace whilst
reducing transaction processing costs.

Whilst the potential is huge, so too is the uncertainty. The key to turning blockchain’s potential into reality
is a collective effort amongst industry participants to learn, share, cooperate and see themselves as part
of the blockchain network, as opposed to individual firms.

This short primer focuses on the applications of blockchain technology on various aspects of the capital
markets. It should be read in conjunction with ‘Blockchain Technologies in Financial Markets’ and builds
upon the technical concepts covered there.

© Quantifi 3
Financial Applications of
Distributed Ledger Technology

The potential applications of blockchain and Distributed Ledger Technology

to the world of finance (beyond the headline grabbing hype of the
cryptocurrency roller-coaster and the more recent controversial growth
of fundraising Initial Coin Offerings) has been an area of growing interest
and research. Banks, payment processors, financial software companies,
regulators and governments are actively investigating and developing the
necessary technology to address some of the ingrained structural and
operational challenges as well as the inefficiencies of modern finance.

There is plenty to write and discuss about the potential impact of blockchain on cross-boarder payments,
generalised digital tokenisation of value, remittances and the lowering of barriers for access to finance in
third world countries. This paper will focus on two important areas for capital markets – blockchain’s impact
on financial transactions (OTC derivatives and syndicated loans) and risk management.

The OTC Derivatives Industry

According to BIS [1], the Over-the-Counter (OTC) derivatives market, with an outstanding notional of $542
trillion as of 2017, is a highly intermediated marketplace consisting of buyers, sellers, broker-dealers and
Central Counterparty Clearing houses (CCPs).

The trade life-cycle consists of three main stages:

1 Pre-Trade: Buy and sell orders are linked by broker-dealer desks or execution facilities (swaps). OTC
contracts are bilateral instruments with standard or bespoke terms.

2 Trading / Clearing: Once a buyer and seller have been matched, the trade is either executed
bilaterally (non-cleared) or cleared via a Central Counterparty Clearing House (CCP). In the CCP
clearing framework, CCP acts as the counterparty for both ‘legs’ of the transaction via the process
of novation. Counterparty risk of non-CCP cleared transactions is mitigated through netting and/or
collateralisation. However, CCP-cleared trades must meet strict margin requirements set by the CCP,
which further hedges away tail risk through application of risk mutualisation via waterfall models and
other hedging mechanisms. CCPs allows for significant counterparty risk mitigation via compression,
netting and the maintenance of margin, whilst simultaneously creating massive novel systemic risk.

3 Settlement and Delivery: Once the contract matures (or is triggered), it is closed through either
cash settlement (typical) or physical delivery of the underlying. Settlement processes take time
(depending on the type of contract), but usually 1-3 business days. During this period, any non-
simultaneous exchange of payments constitutes settlement risk, whereby either side can fail to
pay or deliver.

4 © Quantifi
Based on the above trade life-cycle, there are several ways for DLTs to transform the derivatives landscape,
specifically in trading, trade reconciliation and reporting.
Trade Reconciliation
Currently, any derivatives transaction consists of a
contract between two (or more) parties, which may
be evaluated via different models (pricing) as well
as reported via different accounting procedures.
Consensus between market participants is
achieved via periodic reconciliation, or, if disputes
occur during trade life-cycle events and cashflow
exchanges, the involvement of other legal or
trusted authorities. DLT offers the possibility of
migrating to a whole new framework, whereby the
terms of a derivatives transaction are captured in
a single, mutually agreed upon and, thereafter,
immutable smart contract. As the trade matures,
events such as floating cashflows payments,
contingent claims, etc. would be triggered via data
fed from trusted sources (Oracles) with automatic
settlement and transfer of funds being handled
by the smart contract algorithm. As the valuation
model is embedded into the contract, pricing and
cashflow disputes are less likely to occur. Moreover,
consensus is achieved in a distributed fashion with
validators of the network (potentially Significant
financial institutions [SIFIs], regulators, etc.) ensuring
network robustness and quick dispute resolution
(for example, via proof of authority). Smart
contracts, as applied to derivatives trading and post
trade processing, will improve efficiency and lower
costs of capital by reducing reconciliation time and
dispute processing in the financial markets [2].
© Quantifi
Regulatory Reporting
All actions and events are stamped on the
distributed ledger. A regulator running a full node
would have complete access to the complete
history of trading activity and payments across the
network on a near real-time basis.
Auction Process
Notwithstanding the speed of confirmation on-
chain, the process of order matching may be made
simpler via a set of interoperable blockchains.
OTC participants would submit bids directly to
the network and rely on smart contracts to
automatically choose the highest bid via a new
form of decentralised exchange.
Progress on some of these financial applications is
already underway. Last year, DTCC, in partnership
with technology vendors, began working on a DLT
solution for credit derivatives processing, which
will enable the management of post-trade events
for CDS trades on a distributed, permissioned
DLT network [3]. Even more ambitious in scope
and impact is the Common Domain Model (CDM),
which is being developed by ISDA in conjunction
with REGnosys [4,5]. The aim is to provide a global
representative standard for all events and actions
occurring during the life of a trade as well as the
capture and automation of all associated product
data (via the well-established FpML framework)
onto a smart contract blockchain. ISDA recognised
that automation and interoperability can only
succeed when there is standardisation, and their
long-term vision is to establish the CDM as the
market standard to reduce reconciliation overheads
and reporting inconsistencies (see Case Study: ISDA
Common Domain Model on page 10).
5
Broadly Syndicated Loans (BSL)
Syndicated loans provide borrowers with a means of securing a loan facility from a group of lenders
through a single loan agreement. Since such an agreement applies to the whole group of lenders, it
eliminates the need for multiple, separate bilateral loans documents, therefore, simplifying the borrowing
process. The syndicated loan space is rather complicated. For instance, loans can be structured as
different tranches, and loan facilities can be a revolving credit line (e.g. a letter of credit, bridge loans and
amortizing term loans).

An agent bank is appointed by the lenders to administer the loan. Its role can be extremely intensive due
to the ongoing monitoring of the various facilities. Here we illustrate few key responsibilities:

• Representing the syndicate and providing a single point of contact for the borrower

• Monitoring compliance of the borrower with key terms of the facility

• Principal, interest, fee disbursements and reconciliations

• Maintenance of register and processing of assignments

$
Distributed ledger technologies can potentially
automate the agent bank role via a single source
of truth to achieve down-stream automation of
various administrative tasks. Further, DLT could
provide full visibility on the chain of ownership $ $
of a loan, thus reducing the friction around reps
and warranties – in particular, when a loan goes
from par to distressed status and lawyers may
be required.

Like most fixed income products, BSLs, in recent $ $

years, have grown in size and the structure of
ownership has changed to include participation
by mutual funds. Regulators and the fixed
income community support improvement in $
secondary market liquidity and a fund’s ability
to assess the liquidity of its underlying holdings.
We believe DTL can be a valuable tool to remove
operational latency from this market.

6 © Quantifi
Risk Management after the
Global Financial Crisis of 2008
The Global Financial Crisis (GFC) of 2008 was precipitated by the chain
default of subprime mortgages in the US. This triggered significant mark-
to-market write-downs and impairments on derivative instruments based
on the securitisation of those mortgages (CDOs) and led to massive losses
of capital across the global banking system.
Bitcoin was a direct response to GFC and the
subsequent QE programme. Its genesis block
contained the now famous headline from The Times
UK on the 3rd Jan 2009 [6]: Chancellor on brink of
second bailout for banks.
The crisis exposed the frail, interconnected nature
of the global markets and their dependency on ‘too
big to fail’ entities as well as the ability to devalue
money at will by Central Banks.
The financial crisis highlighted two key types of risk
associated with the derivatives market. The first is
counterparty risk, which is a measure of the loss
incurred in the event of a default of a counterparty
prior to the maturity of the contract (pre-settlement
risk) or settlement of any due payments (settlement
risk). The second risk is systemic risk associated
with key institutional failures, leading to the spread
of contagion that triggers the collapse of other
institutions (as illustrated by Bear Stearns and
Lehman Brothers).
Learning from the lessons of 2008, the current
regulatory framework, as promulgated under Basel III
[7] (and recent amendments), places more stringent
requirements on the amount of capital that banks
must hold in reserve as well as seeking to deleverage
balance sheets (via the Leverage Ratio) and improve
provisions for liquidity in times of stress (Liquidity
Coverage Ratio and Net Stable Funding Ratio) [8].
The market implementation of these requirements
has led to an industry–wide improvement in the
measurement and modelling of counterparty credit
exposure (SACCR and Monte Carlo simulations)
as well as a drive towards the minimisation of such
exposures via netting and collateralisation.
© Quantifi
Netting is the process of aggregating a set of trade
level exposures between trading counterparties,
such that positive and negative exposures can offset
each other to arrive at a reduced total exposure.
Another risk mitigation approach is collateralisation,
whereby both counterparties periodically reconcile
their netted exposure throughout the lifecycle of
their set of transactions and make payments to each
other on any amount that is owed (via cash or other
assets subjected to a haircut). Should either party
default prior to maturity, their counterparty will have
recourse to the collateral that they had received up
until that point (known as Variation Margin [VM]).
Upon default, there is typically a delay between
the last collateral update and the final liquidation
of the defaulting party’s assets, known as the
Margin Period of Risk (MPOR). This can be anywhere
between 3 to 40 days, or more, depending on
disputes, litigation and other bottlenecks within
the liquidation process. This introduces significant
Gap Risk, since the value of defaulted transactions
will likely have deviated significantly since the
last collateral update. To cover this, an additional
amount of collateral known as Initial Margin (IM) is
needed (typically determined via Value-at-Risk, or
more recently, sensitivities under the ISDA Standard
Initial Margin Model [SIMM]) [9]. CCPs impose
IM and VM by default, whilst non-cleared OTC
derivatives can be collateralised via CSAs. Since
2017, regulators have started to phase in mandatory
margin requirements for non-cleared trades in
an attempt to incentivise CCP clearing (and more
standardised contracts).
7
Blockchain-Enabled
Risk Management Framework

Distributed ledger technology presents a new paradigm for how

information is collated and distributed and is poised to revolutionise
the way firms transact. It mitigates risk and addresses settlement,
pre-settlement risk and collateral management practice.

Managing Settlement and

Counterparty Risk on the Blockchain
Settlement risk is prevalent in the non-cleared
OTC Derivatives market as there is no CCP to
guarantee payment. Blockchain eliminates settlement
risk, insofar as smart contracts can be designed to
ensure the simultaneous exchange of payments,
principal and underlying, upon contract maturity.

Blockchain technology has the potential to transform

the management of pre-settlement risk. For instance,
the process of collateralisation for non-cleared OTC
derivatives can be automated via smart contracts.
These contracts can be used to implement Collateral
Support Annex (CSA) terms (payment rules,
thresholds, minimum transfer amounts, etc.) and the
valuation model required to calculate the variation
margin. By embedding CSA terms into smart
contracts, we can reduce disputes over collateral
payments for the set of transactions [10].
Automation on the blockchain can increase the
collateral monitoring frequency from daily (current
best case) to hourly or even pseudo real-time. The
close out process itself can also be transformed,
since a missed variation margin payment can be
flagged in a matter of hours or minutes, rather than
days, and thus, the effective MPOR is reduced.
A shorter MPOR results in a significant reduction
in initial margin that needs to be held in reserve,
freeing up capital and lowering Capital Valuation
Adjustment (KVA) charges.
In a smart contract framework, we can
programmatically add grace periods or wait for
a consecutive number of such defaults to occur
before automatically unwinding the positions,
therefore reducing the chances of technical defaults
due to liquidity gaps.
Managing Collateral on the Blockchain
The process of collateral management and lending
can also be automated on the blockchain as the
distributed ledger enables complete tracking of
asset ownership and transaction history.
Assets held as collateral (both cash and non-cash) in
a variety of custodian accounts can be recorded on
the ledger. A smart contract automatically evaluates
current asset prices based on predefined haircuts
and market data (interest rates, FX rates, equity
prices, etc.) supplied by Oracles. Once the collateral
value falls below a required amount, the contract
triggers collateral calls or unwinds the positions

8 © Quantifi
under the contract. Similar types of smart contract
have been designed to create cryptocurrencies
known as stable coins. The intrinsic value of these
currencies is pegged to other fiats such as USD,
but backed by tokenised assets, such as Ethereum,
via Collateralised Debt Positions (e.g. DAI by
MarkerDAO) [11].
In traditional banking, collateral lending or re-
hypothecation mitigates liquidity and funding costs
associated with over-collateralisation, whereby
excess collateral can be lent or used as High Quality
Liquid Assets (HQLAs) for other purposes. The
main drawback of this approach is that it involves a
physical transfer of assets between accounts and
leads to additional credit risk and repayment risk.
A consortium of banks including Commerzbank,
Credit Suisse and UBS, amongst others, have
developed a blockchain solution for a collateral
lending framework in the form of Digital Collateral
Receipts (DCR) using the Corda DLT [12]. The DCR
is a digital token that enables the exchange or
legal ownership of a basket of securities, without
the need to migrate underlying assets across
custodians. The tokens can then be used to pledge
such securities for IM and VM as well as to provide
HQLA in order to meet LCR and NSFR liquidity
requirements. Conditional logic in the smart
contract can enforce the creator of the token to
maintain the notional value above a pre-defined
© Quantifi
threshold or automated liquidation protocols when
funds are no longer sufficient. Finally, the DCR
network enables regulators to have a real-time view
of collateral allocation and usage, allowing potential
liquidity and funding shortfalls to be identified in a
timely and efficient manner.
Managing Systemic Risk on the Blockchain
The rise in prominence of CCPs, post-2008, as
a means of reducing counterparty risk has, to a
certain extent, introduced additional systemic and
contagion risk into the global financial markets. Risk
management of CCPs continues to be an active area
of research and development with the focus on large
global regulatory bodies.
Blockchain proponents argue that the
decentralised nature of the technology could
mitigate the risk of massive single point failures,
as represented by the current framework. Rather
than CCPs, a decentralised clearing network
(DCN), organised into a distributed autonomous
organisation (DAO), could fulfil some key
functions of current CCPs, such as contract and
margin valuations, collateralisation and closeout
management as well as novation, netting and even
compression [2]. Validators of such a network (or a
pool of interoperable blockchain networks) would
need to meet certain admission criteria (equivalent
to CCP membership requirements) and serve
to safeguard the network by providing capital,
punishing bad actors and providing consensus
(either via Proof of Stake, or Proof of Authority).
Moreover, all participants of the DCN, in contrast
to the current unilateral approach of the CCP,
can vote for changes to the rules (such as margin
requirements and capital buffers). Such blockchain
infrastructure would be open and transparent to
regulatory oversight, paving the way for a fairer,
more efficient and robust derivatives market.
9
Case Study: ISDA Common Domain Model
The International Swap Dealers Association (ISDA) has been leading efforts to standardise the modeling of
financial instruments for many years, including the development of Financial products Markup Language
(FpML) in 1999. FpML was developed to standardise the communication of complex derivatives contract
terms between counterparties and to simplify messaging of trade data. Even with standardised messaging,
firms still use individual processes to model, process and value complex derivatives. To further streamline the
post-execution trade cycle, ISDA Common Data Model (CDM) focuses on common, industry-wide features of
the trade life-cycle. It serves as a data model specification and “is targeted at DLs to exploit their embedded
lineage and consistency properties.”

The CDM infrastructure set forth the foundations for DLs to automate data and to synchronise the state of
derivatives contracts across various trading counterparties. DL technologies allow for a consistent record
to be shared among all relevant market participants simultaneously. Further, it can also contain trade life-
cycle events as well as risk and valuation information, therefore transforming data integrity and reducing
reconciliation and reporting costs for the financial services industry.

Designed to facilitate the instantiation of trades on a DLT, CDM is the first step to building self-executing
smart contracts. Rather than beginning with the product, such as a 5yr USD Interest Rate Swap (IRS), the
CDM begins at the “event” level. An event represents an action that may be applicable to any trade e.g.
initiating, cancelling, amending, novating the trade, etc. The events of the first stage identify common
actions, which are independent of the financial products; the second layers are “dependent events” defined
by contract terms, market data, record of daily value, option exercise, etc. For example, a simple Forex trade
is an event, namely, the exchange of cash between two parties, and the price is captured by the two amounts
exchanged. We can build a record of more complex transactions from simple derivatives that are built from
independent and dependent events. The process scales up to whole portfolios, allowing for the automatic
operation of portfolio events such as collateral calls, capital and risk calculations.

Example: Axoni’s Implementation of ISDA Common Domain Model

Axoni has developed a permissioned distributed
ledger technology infrastructure to implement
the ISDA CDM based on Scala programming
language (AxLang). In a blockchain network,
each party is executing the same code in the
same deterministic environment. To capture the
benefits of blockchain technology’s synchronicity
and cross-system automation, whilst minimising
the risk of such errors, extra precautions are
applied to ensure smart contracts are error-free.
AxLang smart contracts employ a mathematical,
formal verification approach to prove the
correctness of computer programs. It supports
both public and public Ethereum projects and
leverages upon existing Scala user base and
compile to either the Java Virtual Machine (JVM) or
to the Ethereum Virtual Machine (EVM). It can be
used to write formally verified smart contracts on a
distributed ledger or to run an off-ledger locally in a
standard Java environment, providing flexibility to
test under various environments with ease.
To test the principles of the ISDA CDM, Axoni
have recently implemented and deployed CDM
into an infrastructure that enables full state
synchronisation between parties.

10 © Quantifi
Closing Thoughts

Blockchain (or distributed ledger) technology has generated a huge

amount of interest within financial markets. Whilst the business benefits
of blockchain are clear, the industry needs to collaborate with government
agencies and regulators to realise the potential of blockchain.

The shift and adoption of a new technology standard will take time. The regulator is one of the most
important stakeholders in the adoption of this new technology, as new regulatory principles are likely to be
needed where blockchain technology becomes an integral part of the market infrastructure. Some regulators
have expressed interest as they recognise the potential impact on business models, reductions in risk
and savings of cost and capital. However, it is hard to predict when and where DL technology applications
will reach scale and what kind impact they will have across markets. For firms that want to benefit from DL
technology, an important first step is to understand the scope of its likely impact on the market and to
establish a clear view of the financial, technology and regulatory ecosystem.

© Quantifi 11
References

[1] BIS, OTC derivative statistics at end-June, https://www.bis.org/publ/otc_hy1711.htm

[2] Ryan Surujnath, “Off the chain! A guide to Blockchain derivatives markets and the implications on
systemic risk,” https://news.law.fordham.edu/jcfl/wp-content/uploads/sites/5/2017/06/Surujnath-
Note_pdf_publishing.pdf

[3] DTCC, http://www.dtcc.com/news/2017/january/09/dtcc-selects-ibm-axoni-and-r3-

to-develop-dtccs-distributed-ledger-solution

[4] ISDA, https://www.isda.org/2018/02/15/isda-appoints-regnosys-to-develop-digital-common-

domain-model/

[5] ISDA, https://www.isda.org/2018/06/08/a-big-step-towards-efficiency/

[6] Satoshi Nakamoto, “Bitcoin a peer-to-peer electronic cash system,” 2009

[7] BIS, Basel III: international regulatory framework for banks, https://www.bis.org/bcbs/basel3.htm

[8] BIS, Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools, https://www.bis.org/
publ/bcbs238.htm

[9] ISDA, https://www.isda.org/2017/09/07/isda-launches-latest-version-of-isda-simm-non-cleared-

derivatives-margin-model/

[10] SSRN, From ‘Blockchain Hype’ to a Real Business Case for Financial Markets, https://papers.ssrn.
com/sol3/papers.cfm?abstract_id=2760184

[11] Maker, The Dai Stablecoin System, https://makerdao.com/whitepaper/DaiDec17WP.pdf

[12] Euromoney Seminars, http://www.euromoneyseminars.com/articles/3688946/banks-test-blockchain-

tool-for-hqla-collateral-transfers.html

12 © Quantifi
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